§ Mr. Cant
asked the Chancellor of the Exchequer whether he will introduce retrospective legislation to close a tax avoidance loophole which permits the sale of a deferred annuity life insurance investment scheme, which makes possible the avoidance of income tax, higher rate tax, capital gains tax and capital transfer tax, providing the policy is purchased by an employee of the agent selling it, and is subsequently sold to the investor's wife who then makes a gift of it to her husband.
§ Mr. Robert Sheldon
The scheme to which my hon. Friend refers is at present under examination. When that examination is complete I shall not hesitate to take whatever steps may be necessary for the protection of the interests of the revenue.